
	Ron Baron 13F
	Baron Funds

	Last update 2023-11-16	335 Stocks (8 new)
	Value $34.42 Bil	Turnover 3 %
	Countries: Top Holdings: TSLA(12.85%) ACGL(4.92%) IT(4.65%) CSGP(4.29%) FDS(3.50%) Portfolio Report

Ron Baron Profile

Ron Baron is the founder of Baron Capital Management. He is Co-Portfolio Manager of Baron Asset Fund and remains Portfolio Manager of the Growth and Partners Funds. Baron graduated from Bucknell University with a B.A. in Chemistry, and later attended George Washington University Law School in the evenings.

Ron Baron Investing Philosophy

Ron Baron invests primarily in small and mid-size growth companies. He likes companies with open-ended growth opportunities and defensible niches. He applies a bottom-up company research, invests for the long-term, and tries to purchase companies at what he believes are attractive prices. He invests in growth companies using a value-oriented purchase discipline. Baron ignores short-term market fluctuations when he believes the fundamental reasons for purchasing a company have not changed. He holds investments for longer than five years on average.

Ron Baron Portfolio and Latest Trades

Ticker
Ticker
TSM
ONON
ZI
MRNA
DNUT
BN
RRR
ILMN
INDI
JD
NU
NVDA
PENN
SBAC
SPOT
AMT
DLR
FOXF
LLYVK
S
CRWD
EQIX
KNSL
MKTX
MORN
PSA
DHI
DRVN
IT
IDXX
ARGX
BFAM
CLVT
BAP
LBRDK
PWR
RGEN
VEEV
WWE
AXON
BIDU
BYD
CZR
CNS
DXCM
EXR
FND
IBKR
VAC
RIVN
TKO
VRT
TS
ACVA
ALGM
BNTX
BX
DDOG
EWCZ
FIGS
LOW
MANU
ODD
PLNT
REXR
SHOP
MTN
WTW
WYNN
XP
EA
ABCM
VLD
TXG
ARE
ACGL
CSGP
CPNG
DT
EGP
DAVA
GTLB
GFI
NARI
BZ
LEGN
MRCY
MSCI
PLD
QLYS
SILK
SMAR
STNE
TSLA
CAKE
TREX
WELL
WIX
LBRDA
AEIS

Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
TSM	Taiwan Semiconductor Manufacturing Co Ltd	2023-09-30	Reduce	-0.30%	● 84.29 ($94.56) 105.57	$98.88	4.57%	Reduce -29.46%	2,569,980	-1,073,460
ONON	On Holding AG	2023-09-30	Add	+0.17%	● 26.06 ($31.65) 36.51	$29.95	-5.37%	Add 243.04%	3,028,002	2,145,318
ZI	ZoomInfo Technologies Inc	2023-09-30	Reduce	-0.15%	● 15.73 ($20.44) 28.95	$14.22	-30.43%	Reduce -66.44%	1,065,834	-2,110,236
MRNA	Moderna Inc	2023-09-30	Add	+0.13%	● 96.41 ($111.55) 126.61	$79.01	-29.17%	Add 4863.59%	426,869	418,269
DNUT	Krispy Kreme Inc	2023-09-30	Add	+0.12%	● 12.35 ($13.97) 15.95	$13.00	-6.94%	Add 59.5%	9,221,657	3,439,948
BN	Brookfield Corp	2023-09-30	Reduce	-0.11%	● 31.27 ($33.79) 36.1	$35.59	5.33%	Reduce -35.87%	2,128,697	-1,190,644
RRR	Red Rock Resorts Inc	2023-09-30	Add	+0.11%	● 40.23 ($45.21) 50.83	$44.73	-1.06%	Add 10.83%	9,856,963	962,841
ILMN	Illumina Inc	2023-09-30	Reduce	-0.10%	● 128.91 ($169.02) 192.44	$101.57	-39.91%	Reduce -48.87%	210,010	-200,733
INDI	Indie Semiconductor Inc	2023-09-30	Add	+0.09%	● 6.07 ($7.73) 9.74	$7.63	-1.29%	Add 88.86%	11,038,885	5,193,775
JD	JD.com Inc	2023-09-30	Reduce	-0.09%	● 28.55 ($34.82) 41.31	$27.44	-21.19%	Reduce -62.01%	613,835	-1,002,052
NU	Nu Holdings Ltd	2023-09-30	Add	+0.09%	● 6.81 ($7.48) 8.18	$8.22	9.89%	Add 4190.14%	4,290,135	4,190,135
NVDA	NVIDIA Corp	2023-09-30	Add	+0.09%	● 408.55 ($448.03) 493.55	$481.40	7.45%	Add 12.92%	616,823	70,597
PENN	PENN Entertainment Inc	2023-09-30	Reduce	-0.09%	● 21.45 ($24.2) 27.62	$25.27	4.42%	Reduce -17.46%	6,138,520	-1,298,955
SBAC	SBA Communications Corp	2023-09-30	Reduce	-0.09%	● 196.06 ($222.52) 243.85	$245.20	10.19%	Reduce -28.47%	356,716	-141,974
SPOT	Spotify Technology SA	2023-09-30	Add	+0.09%	● 131.57 ($152.31) 179.84	$182.31	19.70%	Add 49.33%	598,090	197,571
AMT	American Tower Corp	2023-09-30	Reduce	-0.08%	● 159.69 ($182.65) 198.36	$206.18	12.88%	Reduce -75.42%	49,060	-150,518
DLR	Digital Realty Trust Inc	2023-09-30	Add	+0.08%	● 113.8 ($122.8) 132.11	$138.20	12.54%	Add 61.31%	608,045	231,109
FOXF	Fox Factory Holding Corp	2023-09-30	New Buy	+0.08%	● 94.99 ($106.93) 115.18	$62.06	-41.96%	New holding	275,000	275,000
LLYVK	Liberty Live Group	2023-09-30	Add	+0.08%	● 30.79 ($33.12) 37.68	$34.14	3.08%	Add 1635.81%	891,511	840,151
S	SentinelOne Inc	2023-09-30	New Buy	+0.08%	● 14.24 ($15.8) 17.89	$19.09	20.82%	New holding	1,735,000	1,735,000
CRWD	CrowdStrike Holdings Inc	2023-09-30	Reduce	-0.07%	● 143.61 ($155.44) 172.29	$234.44	50.82%	Reduce -32.41%	345,969	-165,901
EQIX	Equinix Inc	2023-09-30	Add	+0.07%	● 707.1 ($774.45) 819.1	$808.31	4.37%	Add 17.13%	235,014	34,374
KNSL	Kinsale Capital Group Inc	2023-09-30	Reduce	-0.07%	● 362.37 ($388.09) 426.14	$346.65	-10.68%	Reduce -3.45%	1,985,089	-70,911
MKTX	MarketAxess Holdings Inc	2023-09-30	Reduce	-0.07%	● 201.78 ($242.37) 274.38	$237.09	-2.18%	Reduce -50.12%	88,817	-89,232
MORN	Morningstar Inc	2023-09-30	Add	+0.07%	● 194 ($225.76) 255.43	$281.50	24.69%	Add 7.99%	1,326,608	98,191
PSA	Public Storage	2023-09-30	Reduce	-0.07%	● 263.15 ($280.31) 301.64	$257.90	-7.99%	Reduce -54.22%	68,968	-81,681
DHI	D.R. Horton Inc	2023-09-30	Add	+0.06%	● 107.01 ($119.73) 131	$127.26	6.29%	Add 38.87%	635,050	177,745
DRVN	Driven Brands Holdings Inc	2023-09-30	Reduce	-0.06%	● 12.46 ($18.29) 27.59	$13.34	-27.06%	Reduce -30%	1,750,000	-750,000
IT	Gartner Inc	2023-09-30	Reduce	-0.06%	● 326.85 ($348.82) 374.04	$430.12	23.31%	Reduce -1.34%	4,656,387	-63,209
IDXX	IDEXX Laboratories Inc	2023-09-30	Reduce	-0.06%	● 432.42 ($498.67) 556.67	$466.74	-6.40%	Reduce -1.7%	2,336,330	-40,302
ARGX	argenx SE	2023-09-30	Add	+0.05%	● 369.35 ($489.17) 548.43	$435.92	-10.89%	Add 15.07%	287,991	37,723
BFAM	Bright Horizons Family Solutions Inc	2023-09-30	Reduce	-0.05%	● 81.46 ($92.32) 98.48	$87.65	-5.06%	Reduce -8.71%	2,022,572	-192,910
CLVT	Clarivate PLC	2023-09-30	Reduce	-0.05%	● 6.6 ($7.97) 9.9	$7.70	-3.39%	Reduce -40%	3,000,000	-2,000,000
BAP	Credicorp Ltd	2023-09-30	Reduce	-0.05%	● 127.97 ($145.2) 158.47	$125.93	-13.27%	Reduce -20.96%	465,965	-123,582
LBRDK	Liberty Broadband Corp	2023-09-30	Reduce	-0.05%	● 80.38 ($89.2) 95.23	$82.41	-7.61%	Reduce -92.73%	15,672	-200,000
PWR	Quanta Services Inc	2023-09-30	Add	+0.05%	● 184.85 ($200.54) 212.36	$185.61	-7.44%	Add 35.2%	326,475	85,008
RGEN	Repligen Corp	2023-09-30	Add	+0.05%	● 138.78 ($163.47) 176.51	$159.49	-2.43%	Add 27.79%	458,784	99,763
VEEV	Veeva Systems Inc	2023-09-30	Reduce	-0.05%	● 186.39 ($201.49) 224.9	$173.36	-13.96%	Reduce -14.84%	541,969	-94,426
WWE	World Wrestling Entertainment Inc	2023-09-30	Sold Out	-0.05%	● 96.55 ($107.91) 115.93	$100.65	-6.73%	Sold Out	0	-181,412
AXON	Axon Enterprise Inc	2023-09-30	Add	+0.04%	● 175.73 ($196.69) 216.06	$225.86	14.83%	Add 28.36%	279,783	61,823
BIDU	Baidu Inc	2023-09-30	Add	+0.04%	● 124.92 ($140.2) 155.99	$118.03	-15.81%	Add 21.95%	569,148	102,428
BYD	Boyd Gaming Corp	2023-09-30	Reduce	-0.04%	● 60.24 ($66.6) 72.81	$58.92	-11.53%	Reduce -10.71%	1,871,353	-224,484
CZR	Caesars Entertainment Inc	2023-09-30	Add	+0.04%	● 45.82 ($53.13) 59.38	$45.03	-15.25%	Add 86.15%	646,587	299,248
CNS	Cohen & Steers Inc	2023-09-30	Reduce	-0.04%	● 57.47 ($63.26) 66.94	$58.34	-7.78%	Reduce -8.99%	2,249,784	-222,162
DXCM	DexCom Inc	2023-09-30	Reduce	-0.04%	● 86.06 ($112.73) 137.93	$116.18	3.06%	Reduce -7.56%	1,319,066	-107,924
EXR	Extra Space Storage Inc	2023-09-30	Reduce	-0.04%	● 120.51 ($134.24) 156.42	$129.53	-3.51%	Reduce -35.05%	151,281	-81,644
FND	Floor & Decor Holdings Inc	2023-09-30	Reduce	-0.04%	● 89.49 ($101.84) 115.06	$92.20	-9.47%	Reduce -5.24%	2,330,135	-128,951
IBKR	Interactive Brokers Group Inc	2023-09-30	Add	+0.04%	● 81.97 ($88.99) 94.47	$76.78	-13.72%	Add 33.38%	555,818	139,101
VAC	Marriott Vacations Worldwide Corp	2023-09-30	Reduce	-0.04%	● 96.21 ($114.05) 133.13	$73.68	-35.40%	Reduce -4.42%	2,728,652	-126,309
RIVN	Rivian Automotive Inc	2023-09-30	Add	+0.04%	● 19.56 ($23.35) 27.64	$17.32	-25.82%	Add 25.38%	2,531,751	512,495
TKO	TKO Group Holdings Inc	2023-09-30	New Buy	+0.04%	● 80.82 ($92.83) 105.5	$77.68	-16.32%	New holding	169,889	169,889
VRT	Vertiv Holdings Co	2023-09-30	Reduce	-0.04%	● 24.08 ($32.97) 39.87	$42.29	28.27%	Reduce -7.19%	7,100,000	-550,000
TS	Tenaris SA	2023-09-30	Sold Out	-0.04%	● 29.18 ($32.32) 33.73	$33.72	4.33%	Sold Out	0	-470,067
ACVA	ACV Auctions Inc	2023-09-30	Reduce	-0.03%	● 14.49 ($16.24) 18.32	$15.54	-4.31%	Reduce -45.89%	821,309	-696,417
ALGM	Allegro Microsystems Inc	2023-09-30	Reduce	-0.03%	● 31.49 ($40.63) 52.72	$27.55	-32.19%	Reduce -68.52%	115,795	-252,000
BNTX	BioNTech SE	2023-09-30	Add	+0.03%	● 98.5 ($110.6) 125.08	$99.25	-10.26%	Add 123.11%	158,911	87,686
BX	Blackstone Inc	2023-09-30	Add	+0.03%	● 91.91 ($104.13) 115.12	$111.37	6.95%	Add 15.33%	660,060	87,754
DDOG	Datadog Inc	2023-09-30	Reduce	-0.03%	● 86.57 ($98.92) 116.72	$116.65	17.92%	Reduce -15.39%	572,935	-104,233
EWCZ	European Wax Center Inc	2023-09-30	Add	+0.03%	● 16.01 ($18.02) 19.6	$14.32	-20.53%	Add 18.45%	4,126,159	642,726
FIGS	FIGS Inc	2023-09-30	Add	+0.03%	● 5.34 ($6.66) 8.08	$7.45	11.86%	Add 6.24%	25,032,830	1,470,706
LOW	Lowe's Companies Inc	2023-09-30	Reduce	-0.03%	● 206.96 ($224.96) 235.09	$199.92	-11.13%	Reduce -19.69%	167,682	-41,110
MANU	Manchester United PLC	2023-09-30	Add	+0.03%	● 18.27 ($21.76) 24.46	$19.30	-11.31%	Add 57.31%	1,169,398	426,040
ODD	ODDITY Tech Ltd	2023-09-30	New Buy	+0.03%	● 26.18 ($42.34) 55.4	$32.97	-22.13%	New holding	349,517	349,517
PLNT	Planet Fitness Inc	2023-09-30	Add	+0.03%	● 44.41 ($60.5) 69.35	$67.16	11.01%	Add 20%	1,200,000	200,000
REXR	Rexford Industrial Realty Inc	2023-09-30	Reduce	-0.03%	● 49.35 ($52.87) 56.76	$48.69	-7.91%	Reduce -12.27%	1,679,636	-234,906
SHOP	Shopify Inc	2023-09-30	Add	+0.03%	● 51.51 ($60.59) 70.37	$73.33	21.03%	Add 10.16%	2,146,351	197,912
MTN	Vail Resorts Inc	2023-09-30	Add	+0.03%	● 220.82 ($237.32) 252.65	$215.22	-9.31%	Add 1.11%	4,721,214	51,630
WTW	Willis Towers Watson PLC	2023-09-30	Reduce	-0.03%	● 196.4 ($213.39) 235.08	$240.77	12.83%	Reduce -26.46%	127,574	-45,894
WYNN	Wynn Resorts Ltd	2023-09-30	Add	+0.03%	● 90.36 ($100.31) 109.64	$83.67	-16.59%	Add 25.74%	644,474	131,937
XP	XP Inc	2023-09-30	Reduce	-0.03%	● 22.09 ($25.07) 27.46	$23.41	-6.62%	Reduce -19.09%	2,046,759	-482,765
EA	Electronic Arts Inc	2023-09-30	Sold Out	-0.03%	● 117.97 ($125.86) 139.57	$137.31	9.10%	Sold Out	0	-78,821
ABCM	Abcam PLC	2023-09-30	Sold Out	-0.03%	● 21.54 ($22.99) 24.41	$23.97	4.26%	Sold Out	0	-429,419
VLD	Velo3D Inc	2023-09-30	Sold Out	-0.03%	● 1.14 ($1.77) 2.49	$1.03	-41.81%	Sold Out	0	-4,337,125
TXG	10x Genomics Inc	2023-09-30	Add	+0.02%	● 40.86 ($52.02) 62.98	$43.32	-16.72%	Add 554.91%	180,926	153,300
ARE	Alexandria Real Estate Equities Inc	2023-09-30	Add	+0.02%	● 98.5 ($116.18) 127.35	$109.01	-6.17%	Add 4.67%	1,202,373	53,640
ACGL	Arch Capital Group Ltd	2023-09-30	Reduce	-0.02%	● 73.62 ($77.82) 82.27	$82.38	5.86%	Reduce -0.35%	21,222,928	-73,872
CSGP	CoStar Group Inc	2023-09-30	Add	+0.02%	● 76.3 ($82.85) 91.8	$83.94	1.32%	Add 0.48%	19,196,502	91,399
CPNG	Coupang Inc	2023-09-30	Add	+0.02%	● 16.72 ($17.98) 19.31	$16.11	-10.40%	Add 6.23%	6,919,149	405,668
DT	Dynatrace Inc	2023-09-30	Add	+0.02%	● 45.59 ($49.12) 55.19	$53.43	8.77%	Add 24.09%	694,360	134,792
EGP	EastGroup Properties Inc	2023-09-30	Reduce	-0.02%	● 165.86 ($177.2) 186.04	$172.07	-2.90%	Reduce -20.28%	162,884	-41,445
DAVA	Endava PLC	2023-09-30	Reduce	-0.02%	● 45.45 ($52.14) 60.18	$67.79	30.02%	Reduce -5.81%	2,454,775	-151,418
GTLB	GitLab Inc	2023-09-30	Reduce	-0.02%	● 42.15 ($47.88) 54.12	$48.60	1.50%	Reduce -10.49%	1,377,907	-161,551
GFI	Gold Fields Ltd	2023-09-30	Reduce	-0.02%	● 10.86 ($13.18) 15.88	$15.27	15.86%	Reduce -18.01%	2,300,796	-505,385
NARI	Inari Medical Inc	2023-09-30	Add	+0.02%	● 54.2 ($62.92) 71.67	$60.05	-4.56%	Add 18.22%	557,937	86,000
BZ	Kanzhun Ltd	2023-09-30	Add	+0.02%	● 14.3 ($15.68) 18.8	$16.72	6.63%	Add 23.53%	3,050,770	581,094
LEGN	Legend Biotech Corp	2023-09-30	Add	+0.02%	● 63.16 ($69.45) 76.5	$59.82	-13.87%	Add 139.27%	157,200	91,500
MRCY	Mercury Systems Inc	2023-09-30	Add	+0.02%	● 33.4 ($36.89) 40.38	$33.53	-9.11%	Add 13.38%	1,674,236	197,600
MSCI	MSCI Inc	2023-09-30	Add	+0.02%	● 469.46 ($525.48) 557.25	$526.57	0.21%	Add 0.68%	2,260,105	15,184
PLD	Prologis Inc	2023-09-30	Add	+0.02%	● 111.25 ($122.33) 129.28	$113.04	-7.59%	Add 6.43%	916,120	55,382
QLYS	Qualys Inc	2023-09-30	Reduce	-0.02%	● 124.26 ($143.84) 157.29	$183.76	27.75%	Reduce -45.89%	79,008	-67,000
SILK	Silk Road Medical Inc	2023-09-30	Reduce	-0.02%	● 14.99 ($20.81) 32.65	$8.63	-58.53%	Reduce -27.05%	687,837	-255,000
SMAR	Smartsheet Inc	2023-09-30	Add	+0.02%	● 37.85 ($41.04) 44.4	$42.15	2.70%	Add 36.18%	706,636	187,754
STNE	StoneCo Ltd	2023-09-30	Reduce	-0.02%	● 10.24 ($12.31) 14.65	$15.31	24.37%	Reduce -11.28%	3,540,424	-450,005
TSLA	Tesla Inc	2023-09-30	Reduce	-0.02%	● 215.49 ($256.88) 293.34	$244.14	-4.96%	Reduce -0.16%	17,668,945	-27,868
CAKE	Cheesecake Factory Inc	2023-09-30	Reduce	-0.02%	● 28.93 ($33.33) 37.45	$31.87	-4.38%	Reduce -8.9%	2,200,000	-214,857
TREX	Trex Co Inc	2023-09-30	Reduce	-0.02%	● 61.42 ($68.61) 75.95	$70.22	2.35%	Reduce -4.71%	2,733,397	-134,983
WELL	Welltower Inc	2023-09-30	Add	+0.02%	● 78.6 ($82.24) 85.47	$88.20	7.25%	Add 14.89%	634,145	82,197
WIX	Wix.com Ltd	2023-09-30	Add	+0.02%	● 75.42 ($89.34) 99.96	$102.11	14.29%	Add 42.09%	270,173	80,025
LBRDA	Liberty Broadband Corp	2023-09-30	Sold Out	-0.02%	● 79.9 ($89.08) 95.29	$82.35	-7.56%	Sold Out	0	-75,000
AEIS	Advanced Energy Industries Inc	2023-09-30	Reduce	-0.01%	● 98.69 ($112) 126.03	$97.32	-13.11%	Reduce -6.54%	514,408	-36,000

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